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Industrial production contracts at softest pace in over one year in July

Argentina Industry July 2019

Argentina: Industrial production contracts at softest pace in over one year in July

September 5, 2019

Industrial production dropped 1.9% over the same month of last year in July, according to data released by the National Statistical Institute (INDEC) on 5 September. The reading marked a softer contraction than June’s 7.2% year-on-year fall, and the softest decrease since May 2018.

July’s result generally reflected softer contractions across the board. Moreover, the production of other equipment, instruments and apparatus rebounded, while growth in production of food, beverages and tobacco accelerated. That said, the category of automotive and other transport equipment continued to contract by over 20%.

Meanwhile, the annual average variation in industrial output improved to minus 9.5% in July, from minus 9.9% in June.

Panelists participating in the LatinFocus Consensus Forecast expect that industrial production will contract 4.4% in 2019, which is down 0.3 percentage points from last month’s forecast. For 2020, the panel expects industrial output to rise 2.4%.

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